The findings of a Caribbean-wide survey reveal that the severing of correspondent banking relationships, or ’de-risking’, is having a severe impact on the Caribbean region, leaving many businesses and individuals cut off from their money and making it difficult for new businesses to establish operations. This was shared at a recent meeting of the Financial Stability Board (FSB) in Tokyo by Central Bank of Barbados Governor, Dr. DeLisle Worrell.
According to Worrell, who attended the meeting in his capacity as co-Chair of the Financial Stability Board’s Regional Consultative Group, Americas (FSB/RCG_A), Belize has experienced terminations in correspondent bank relationships that account for more than half of their banking assets. Belize’s central bank has sought to provide assistance, but some customers in that country still have no access to their funds. While Belize has been the regional jurisdiction most affected, others are also facing challenges.
Source: Central Bank of Barbados